Sign up
Oil Capital

Global Energy Ventures in trading halt with capital raising news imminent

The ASX halt will remain until the start of trading on Tuesday, February 5, or when an announcement is released.
ASX sign on building
The company is making strong progress with development of the CNG 200 Optimum ship

Global Energy Ventures Ltd (ASX:GEV) has capital raising news pending and has been granted a trading halt by the ASX.

The company is advancing development of the CNG 200 Optimum ship, which has been designed to transport compressed natural gas (CNG).

GEV’s trading halt will remain in place until the start of normal trading on Tuesday, February 5, 2019, or when an announcement is released to the market, whichever occurs earliest.

The company’s shares last traded at 16.5 cents yesterday.

Progressive quarter

In GEV’s quarterly report released today chairman and CEO Maurice Brand wrapped up a progressive three months.

He said: “The December quarter saw GEV complete extensive prototype testing of the CNG Optimum system. This program included burst testing, fatigue testing and proof-of-concept testing, all of which were passed with flying colours.

“These tests plus the designs and studies in support of obtaining American Bureau of Shipping (ABS) full class design approval for the Optimum system are now complete.”

READ: Global Energy Ventures granted US approval for ship construction

Brand said: “Having completed this process, it was very exciting to receive formal approval from the ABS. This means that we can build the CNG 200 Optimum ship as designed while we continue to comply with applicable ABS Rules and Guidelines.

“This is the culmination of three years of work by the dedicated GEV Canada team and a major milestone for GEV that will allow us to move forward with our strategy in building the ships and achieving a Final Investment Decision for our first project, which is our main goal for 2019.”

Selection of shipyard/s

The chairman and CEO said the company’s next major step was to select a shipyard(s) in order to finalise the technical specification, agree on delivery schedule and capital costs.

“This will be completed during the March quarter, which will lead into GEV being in a position to sign a shipbuilding contract in a timely manner and in line with the development progress towards a Final Investment Decision for our first CNG project,” he added.

READ: Global Energy Ventures lodges new patent application for CNG 200 Optimum ship

The company ended the quarter with a cash position of $1.811 million.

View full GEV profile View Profile
View All

Related Articles

© oil Capital 2019

Oil Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed oil companies to interact with institutional and highly capitalised investors.
Headquartered in London, Oil Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.